Highest midmonth total ever

TORONTO, May 16, 2007 -- The resale housing market got off to a roaring start in May, with 5,003 sales reported during the first 15 days of the month, Toronto Real Estate Board President Dorothy Mason announced today. This is an 11 per cent increase over the first half of May 2006 and the highest midmonth sales total in TREB’s history.

“All signs point to a very healthy market for the remainder of the spring,” Mrs. Mason said. “In terms of activity, this year is about six per cent ahead of last year’s pace, and that’s an indication that there’s a lot of confidence in this market. Now is an excellent time to get started in the market or make a move.” The average price in the first half of May was up two per cent to $377,612 from the $369,543 recorded during the first half of May 2006.

Yeartodate prices were nearly five per cent ahead of the same time last year. Meanwhile average timeonmarket for a listed home fell to 28 days, and the average listtosale price ratio rose to 99 per cent of the asking price.

In Scarborough’s West Agincourt neighbourhood (E05), condominium transactions more than doubled as the area saw a 39 per cent overall increase compared to midMay of 2006.

Strong condominium activity also pushed Mississauga’s City Centre (W15) to a 49 per cent overall increase compared to the same timeframe a year ago.

In the Downtown Toronto / Harbourfront area (C01), 34 per cent more homes changed hands compared to midMay of last year, fueled mostly by highrise condominiums.

In central Vaughan (N08), detached homes and town homes were the most active types as overall transactions increased from midMay of last year by 59 per cent."

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 25,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

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* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.